NAICOM to commence SIP from next year

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The National Insurance Commission, NAICOM, said that it will commence implementation of the State Insurance Producer, SIP, from January next year.

Disclosing this at the education seminar of the Chartered Insurance Institute of Nigeria, CIIN, with the theme ‘Increasing Insurance Penetration through Value Creation’, last weekend in Ibadan, Oyo State, NAICOM said that the initiative is an alternative channel for insurance distribution.

Commissioner for Insurance, Mohammed Kari, who stated this, noted that the SIP will be an agency of state governments licensed by NAICOM to provide intermediary services as defined by the guideline issued by the Commission and also remunerated by the provisions of the operational guideline.

Kari stated: “The key responsibilities of the SIP includes: facilitating the sale of the compulsory classes of insurance within the state jurisdiction and all classes for its principal’s insurances (State Government); exercising on defaulters the power to penalise them according to the laws of the states; maintaining proper records of individuals and organisations bound by the requirements of the compulsory classes of insurance and monitoring the compliance.

“Once licensed to operate by the Commission, the SIP shall enter into a Memorandum of Understanding as may be sanctioned by NAICOM, with approved insurance companies in its jurisdiction for purposes of placement and management of insurance business within the state”.

 

Source: VANGUARD

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